Downsizing, rightsizing: how to downsize your home but not your life

A smaller home can simply mean more time and more money to spend on yourself and your family.

Rightsizing. Photo: Nick Clayton.

It’s a fact: we’re living longer, working longer and more Australians are unwilling to slow down and compromise their lifestyle as they age.

According to a report by the Australian Institute of Health and Welfare, one in six Australians is aged 65 and over, an increase from 8.1 per cent in 1970 to 16.2 per cent in 2021. That equates to 4.2 million Australians, of which 53 per cent are women.

The proportion of older Australians is set to keep growing, as better life expectancy and a slowing birthrate contribute to the rise of a generation whose members are choosing to live their best life as they age.

That said, with the cost of living biting and the wear and tear of the natural ageing process unavoidable, the over 60s make up a substantial group buying smaller prestige properties as adult children fly the coop.

we’re living longer, working longer and more Australians are unwilling to slow down and compromise their lifestyle as they age. Photo: Nick Clayton.

Fuelled by the Baby Boomer generation, who bought houses when they cost next to nothing – or so it seems in hindsight – then cashed in when house prices skyrocketed over the past 10 -15 years, many in this energetic generation aren’t willing to move into traditional retirement homes just yet, instead choosing to “right-size” rather than relinquish independence and the ability to live in their own home.

In the 2015 Housing Decisions of Older Australians report, the Productivity Commission found that 20 per cent of those 50 years and older had right-sized, selling their existing home and buying a cheaper or smaller one as they neared retirement.

“Overall it’s a homeowning, mortgage-light, ‘asset rich, cash poor generation which owned most of Australia’s home equity’,” the commission found.

Another 15 per cent were planning to right-size in the future.

AN EASY CHOICE

Among them are Georgina and John Smith.

The couple in their early 70s were living in a 750 sqm property with a spacious home and garden they no longer needed. Neither was interested in slowing down but they knew they wanted more time to live life rather than maintaining a big garden.

Magazine, Georgina and John Smith Right Sized with a Gemworth Home, Vale Park. Photo: Nick Clayton.

Interior styling by Interior designer Carrie Deverson. Photo: Nick Clayton.

They bought a compact, newly-built yet luxuriously appointed Genworth home with three bedrooms, two living zones and all the features they prize, such as high ceilings, high-spec finishes and a double garage.

Georgina says right-sizing was a conscious choice to ensure a low-maintenance lifestyle in the years ahead, yet without having to give up on the things they love. “All those spare bedrooms, which were only waiting for overseas visitors, were taking up good real estate, and the quality of our life was more important to us,” she says.  

Make every inch of it work for you. Photo: Nick Clayton.

“Moving houses means taking risks and being open to change, and that’s really energising. Because we’ve right-sized the real estate, we had to make every inch of it work, so we get the maximum value out of it.

“We moved in with no furniture (except one cherished sideboard) because the people who bought our house bought everything in it, so we got to start fresh.”

While John has retired, Georgina works in the leadership sector, where she sits on several national boards. With no plans to stop, a dedicated home office was essential. And while they love their new home, she says it’s unlikely to be their last.

“I don’t think you can say with certainty what you would or wouldn’t do next, because I’m a great believer that you’ve got to keep some momentum,” she says. “You’ve got to keep challenging yourself. Our generation of people are challenging the status quo, so I call this move future proofing.”

You can have it all, ie a pool too. Picture: Aveo Parkside Carindale.

BEHIND THE MOVE

According to Knight Frank Australia’s 2022 Right-sizing report, three trends are behind the right-size revolution: Australians seeking low-maintenance living; a desire for high-quality luxury homes with house-like proportions for entertaining; and a lock-up-and-leave lifestyle.

“Australians who are ‘right-sizing’ to luxury apartment living are dominating activity in the top 5 per cent of Australia’s residential markets,” Knight Frank’s head of residential research Michelle Ciesielski says.

“Over the coming years, we will see increasing numbers of right-sizers who are seeking a low-maintenance home as their main residence, given the transient global lifestyle that will return for many of the ultra-wealthy population.”

A smaller home can simply mean more time and more money to spend on yourself and your family. Picture: ECH Encore Apartments retirement village.

COMMUNITY MATTERS

Right-sizing has become synonymous with the rise of over 50s lifestyle communities, which is currently a booming industry.

Whether choosing to stay in their own home or enter a village, retirement living options are greater than they’ve ever been.

The Smiths’ home, one of six built to appeal to mature and retired buyers with a luxury low-maintenance aesthetic, has also brought a sense of community.

“We’ve made a whole new friendship (group), we all look after each other. When we go on holiday, everybody looks after the house. It’s great.”

Originally published as Downsizing, rightsizing: how to downsize your home but not your life